By Ena Cefo
U.S. investors, headed by hedge funds NML and Aurelius
Capital Management, are suing Argentina in U.S. courts for full payment on
their Argentine government bonds totaling US$1.3 billion. The investors bought
Argentine bonds for low prices after Argentina’s 2001 default, when the bonds were
at a dramatic low. Argentina defaulted on its debt after the investors rejected
a widely accepted bond restructuring agreement. The UN Human Rights Council’s resolution condemned
the activities of the so called “vulture funds” and warned against the effect
of payments to such “vulture funds” on the deterioration of human rights
conditions in South American countries such as Argentina.
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